MONTGOMERY, Alabama – A proposal in the Alabama Legislature would establish the Alabama Innovation Corp. as a catalyst to spark economic growth, technology-focused innovation and job creation throughout the state.
The Alabama Innovation Corp. would act as a public-private partnership to promote specific initiatives to support statewide entrepreneurship, rural businesses, R&D at existing companies and access to advanced tech skills that power a 21st Century workplace.
As outlined in House Bill 540 and Senate Bill 338, the partnership would primarily be charged with making Alabama a hub for technology and innovation, advancing activities and initiatives to drive growth in the state.
“This is a crucial step forward for the state of Alabama,” said Rep. Bill Poole, sponsor of House Bill 540 and chair of the Alabama Innovation Commission, an organization created in 2020 to support entrepreneurship and innovation in the state.
“As a result of the great work being produced by the Alabama Innovation Commission, the Alabama Innovation Corp. will launch the state forward as a true competitor in a 21st Century economy.”
TARGETING GROWTH
The commission, also known as Innovate Alabama, proposed the creation of the Alabama Innovation Corp. as part of its interim recommendations presented to the Legislature to develop and execute strategies that will drive innovation, entrepreneurship, and support talent attractions and retention in the state.
“HB 540 is the latest example of the meaningful, forward-thinking work being accomplished by the Alabama Innovation Commission,” said Greg Canfield, Secretary of Alabama Department of Commerce.
“This legislation would advance our economy in meaningful ways, creating more technology-based jobs and growth opportunities in all corners of the state,” added Secretary Canfield, who serves as an Innovate Alabama advisory council member.
State Sen. Greg Reed, vice chair of Innovate Alabama, said the Alabama Innovation Corp. represents “the latest example of how the state continues to develop solutions that will drive our economy forward.”
“The establishment of the Alabama Innovation Corp. will assist in our efforts to foster a more inclusive, robust and resilient economy across the state,” Reed said. “I look forward to collaborating with my colleagues in the Legislature to pass this impactful legislation.”
Read more about the Alabama Innovation Commision.
